“This is an opportunity to reimagine not only our workspace but our future,” said Warner Bros. Executive Vice President and CFO Kim Williams in a statement. “Along with our historic lot, the newly expanded campus will fuel increased creativity, facilitate collaboration, and help us attract and retain the world’s best and most diverse talent. It will also better position our company for the future and provide for more production capacity. This is an investment in our employees, our creative and business partners, and the Burbank community that will continue to be our home for decades to come.”

The project, which will flank the 134 Freeway, calls for the construction of seven- and nine-story buildings with a combined 800,000 square feet of office space.

"From the freeway, the buildings are composed as one long sculptural glass façade that creates a single identity like icebergs floating along the freeway," said Gehry. "On the studio side, the metal punched façade is terraced to relate to the scale and character of the existing studio buildings."

A groundbreaking for the Second Century Project is expected in Fall 2019, with completion occurring in phases. Full occupancy is anticipated in 2023, concurrent with the Warner Bros. centennial anniversary.

As part of the deal, Worthe and Stockbridge will also purchase three office buildings currently owned by Warner Bros. - located at 4001 West Olive Avenue, 3903 West Olive Avenue and 111 N. Hollywood Way - as well as the 30-acre Warner Bros. Ranch. The sale of the three office buildings is targeted to take place in late 2019, while the ranch property and The Burbank Studios are expected to trade hands in 2023.